Director Limited Company: which category?

[theroyale]

I am director of my own Limited Company; my earnings are through salary and dividends paid from my company (business a/c) to myself (personal a/c). Which category do I fall under for Tier-1 Previous Earnings purposes?

I read the relevant sections of the Guidance notes; my reading was that I am categorised as a salaried employee who is paid by means of Salary and Dividends. Therefore I would only need to submit personal bank account statements, salary slips and dividend vouchers.

Is this correct?

[MACY]

this category has been closed yesterday.. im afraid u wont be able to apply under this anymore...

[theroyale]

Sorry should have mentioned this is for when my TIER-1 EXTENSION comes up in a few months...

[T1E]

Hi
I'm in the same situation as theroyale. I would like to know when they are assessing earnings do they look at you gross salary and gross dividends as your earnings or gross salary and net dividends as your as your earnings. Would I be right to assume that net profits is the same as net dividends?

An extract from the current guidelines page 23

Self-employed earnings within a business
or company structure:

If the applicant’s accounts and bank
statements only show the gross amount of
profi t for the business he/she should also
provide a third piece of evidence showing
the net profi t of the business for the period
claimed, for example a corporation tax return
or an accountant’s letter. This is because
we can only consider the net profi t of the
business for the applicant’s income.

Thanks

[geriatrix]

I read the relevant sections of the Guidance notes; my reading was that I am categorised as a salaried employee who is paid by means of Salary and Dividends. Therefore I would only need to submit personal bank account statements, salary slips and dividend vouchers.

Is this correct?

Yes.